Financing sustainability in Greece with public policy instruments

To facilitate Greece's green transition and achieve net-zero emissions by 2050, this project aims to support Greek Authorities in crafting policies to promote the financing of sustainable/green investments. Following the identification of barriers and the quantification of the related investment gap, the project results in the development of a National Strategy for Sustainable Finance and a relevant Action Plan. They seek to support the promotion of sustainable finance in Greece, by increasing the flow of public and private finance towards green investments, with a special emphasis on the needs of the industry sector, in particular.

Context

This project aims to facilitate Greece's green economic transition and fulfill national and EU climate goals. The ultimate need addressed was the development of a national sustainable finance strategy for Greece, which seeks to direct public and private funding towards green investments, also by stimulating demand from the industrial sector, which was the focal point of this work. In doing so, the project team cooperated with the Beneficiaries of this project (i.e. Ministry of Development, Ministry of Economy & Finance, Ministry of Environment & Energy).

Support Delivered

The support included the preparation and submission of 8 deliverables and a close cooperation with the 3 Greek Ministries. In the process, the project team engaged with stakeholders through the organization of workshops, seminars, interviews and questionnaires. A detailed strategy and action plan was developed as the key outcome of this technical support. A specific toolbox, comprising of individual toolkits, was also prepared aiming to operationalize some of the actions in practical terms.

Results achieved

he results of this project include the establishment of the National Strategy for Sustainable Finance as a key enabler to enhance the growth of sustainable finance in Greece. The strategy set forward the following strategic objectives, comprising of approx. 20 distinct measures:

Greening public finance
Streamlining private finance to green investments
Stimulating demand for green investments

Ultimately, the strategy aims to bring together both private and public resources, as well as related stakeholders, to effectively support its implementation.